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JPMorgan Chase names a new China CEO

JPMorgan announced it had submitted an application to the Chinese securities regulator for setting up a new onshore securities business in which the U.S. bank would own a 51 percent stake.

The bank's asset and wealth management unit is working on increasing its current joint venture stake to a majority interest.

J.P. Morgan Chase & Co JPM said on Monday it had appointed Mark Leung as the chief executive of its China business.

A veteran who's been with the bank for 21 years, Leung will manage onshore and offshore activities in the country. He started his career in rates derivatives trading and has held trading roles in emerging Markets, credit hybrids and equity derivatives.

Additionally, JPMorgan announced it had submitted an application to the China securities regulator for setting up a new onshore securities business in which the U.S. bank would own a 51 percent stake.

It's also looking to double its research coverage of China-listed companies across all sectors, the bank said.

The bank's asset and wealth management unit is working on increasing its current joint venture stake to a majority interest, subject to an agreement with its joint venture partner and the relevant authorities, it said in a statement.

The submission of the application to the regulator marks a step towards JPMorgan's return to China securities business after 2016 when it sold its 33 percent holding in a similar venture to its local partner.